OLADE has successfully presented key findings of the Bahamas’ Energy Balance.

 

During March 20th to the 24th, OLADE´s Coordination of Information and Training team visited the Bahamas to display the main findings obtained during the production of the 2010-20102 Bahamas Energy Balance. OLADE has already worked performing the same studies to other 5 Caribbean nations (St. Lucia, Dominica, St. Vincent and the Grenadines, St. Kitts and Nevis and Antigua and Barbuda). The energy balances comprehend a series of energy studies that has been developed further understand the dynamics and flows in the energy markets in each nation. Eventually the collection of individual studies would allow OLADE to perform a regional study which will compare the different energy indicators for such countries.

The general scope of the project is to reduce information asymmetries in the energy sector of CELAC by the development of energy balances of the 6 mentioned member countries. This project has the financial support of the Development Bank of Latin America, CAF.

OLADE’s team met with high level government officials related to the energy sector, including the Hon. Kenred Dorsett,  Minister of Environment and Housing. Among the most discussed topics were the greenhouse emissions estimations presented on the studies and policies the government of the Bahamas is seeking to implement to reduce their carbon footprint. The Energy Balance serves well as a tool to visualize the dynamics of the energy sector in the Bahamas and in this case as a tool to wisely reduce the most emissions in an effective manner.

Among the main stakeholders who have actively contributed to the database of the model used in the study are: the Statistics Department, the Central Bank, the Ministry of Tourism, the Bahamas Electricity Corporation, the main retailers of fuels and some of the largest consumers.

To develop the energy balances for the period 2010-2012, under OLADE´s Energy Balance methodology, all energy sources and flows used in the territory of the countries were considered, identifying the proceeds on supply, processing and consumption by type of product and economic activity.

 

The Bahamas, as many other Caribbean countries, currently fully depend on fossil fuels imports to meet their local market energy demands. Furthermore, as countries continue to commit to reduce their emissions and to implement renewable energy generation into their energy matrix, the energy balances work as a measurement tool to quantify the impact of such polices over a period of time.

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